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Wells Fargo accused of discriminatory lending

The lender is accused of offering higher mortgage rates to minorities.

13 Jul 2012 13:12 GMT

Protesters say that Wells Fargo and some other major banks offers higher mortgage rates to minorities.

The US Department of Justice says they have reached a settlement with one of the lenders, Wells Fargo - which has agreed to a $175m payout. However, that sum is tiny in comparison to the $4.2bn profit the bank made in just the first quarter of this year.